Next year there will be a record in terms of transfers to the state budget from the State Oil Fund (SOFAR). According to forecasts, in 2015 this figure is expected to reach 10 388 mln. AZN, which is 11.2% more than expected this year. According to the government, thereby 53.4% of the revenues of the state budget of Azerbaijan will be secured.
The Finance Ministry expects in 2016-2018 a gradual reduction of this indicator - to 10 148 million AZN, 9 637 million AZN and 9 149 mln. AZN respectively. Normally, the declared figures of transfers from SOFAR are not observed. In May and June, the head of state “generously” allocates up to 2 billion manat to this body for patching holes in the pockets of officials.
The Oil Fund of Azerbaijan accumulates income from the sale of oil contracts, in particular from the sale of profit oil of the state, transit tariffs for the transportation of oil and gas across the country, from the lease of state property and so forth. --17D-
Economics
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Azerbaijan’s COP29 Operating Company is advancing green energy initiatives with partners to power the Baku Olympic Stadium, host of the upcoming COP29 climate summit, and to promote sustainability across Azerbaijani regions.
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Azerbaijan's car market has shown mixed trends in 2024, with a sharp drop in the volume of imported vehicles but a rise in overall import costs, according to data for the first nine months.
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Azerbaijan’s real estate market, particularly in Baku, continues to see significant price growth in 2024, with apartment prices up by 9.2% in the first nine months of the year. The trend is largely driven by supply shortages, inflation, and rising demand from investors, according to market analysts.
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The Small and Medium Business Development Agency of Azerbaijan (KOBİA) has focused its support efforts on the Baku economic region, approving 220 business plans from January to September 2024, underscoring its commitment to fostering business growth within the country.
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